For Immediate Release
10.03.2023
Sheena Kadi
Communications Director & Public Information Officer
sheena.kadi@state.co.us
303-349-8113
Colorado State Treasurer Dave Young Applauds the Colorado SecureSavings Program for its continued growth
Over 12,000 employers are part of the retirement program
COLORADO: Today, Colorado State Treasurer Dave Young celebrates the start of National Retirement Security Month by talking about the Colorado Department of Treasury retirement program, the Colorado SecureSavings Program.
“What an achievement to be able to provide more Coloradans with a retirement program that can help them plan ahead” emphasized Dave Young, Colorado State Treasurer. “It has truly been a remarkable experience seeing the progress of the program. Last year around this time, we had just launched the pilot program with 20 different businesses throughout Colorado.”
“Private sector workers, including those who work part-time, are self-employed, or seasonal, will now have a simple way to save for their future” said Hunter Railey, Colorado SecureSavings Program Director. “It’s an exciting time to be in the retirement space as we see the local business community taking action to help their employees benefit.”
The Colorado SecureSavings Program (CSSP) began the pilot program in October 2022 and started full implementation in January 2023. Similar to other state-facilitated auto-IRA programs, employers with five or more employees who don't have a retirement plan are required to either register and enroll with the CSSP or purchase and offer a private program. CSSP has a default 5% contribution rate, offers four asset classes (money market, target date, fixed income, and international equity), and automatically enrolls savers into a Roth IRA account.
To date, over 100,000 employees have enrolled through 12,441 employers, saving almost $17 million for retirement. An additional 21,600 employers have verified they offer their own program to employees.
Colorado businesses still have time until the end of the calendar year to decide which type of retirement program they want to provide their employees. The most important part is for employers to give their employees a chance to save for their retirement and better prepare them for the future.
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